Where funds are being provided from the practitioner’s Trust Account, PEXA will send payment instructions to the practitioner’s financial institution to move funds from their trust account to the financial institution’s internal account.
Upon confirmation that funds have been transferred, PEXA will then send a funds reservation request to the RBA to reserve funds in the financial institution’s exchange settlement account (ESA) held at the RBA. After funds reservation, documents are lodged with the Land Registry. Settlement funds are then exchanged between ESAs and disbursed.
It is important to note that while trust accounts can be registered as a source account in your profile, PEXA does not access a practitioner’s trust account.